If marginal profit is zero, then total profit is at a maximum
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is a feature of a good theory?
A) A good theory does not rely on data. B) A good theory cannot be tested with data. C) A good theory is free from approximations. D) A good theory closely predicts actual behavior.
Which of the following would be classified as private investment spending?
a. A family's purchase of a new home b. An automobile producer's purchase of steel for use in building new cars c. A paper company's purchase of timber d. A household's purchase of AT&T stock e. The government's purchase of a new office building
An unregulated market economy provides material wealth, but does not generate effective control of environmental damage
a. True b. False Indicate whether the statement is true or false
Do policy makers know the exact value of the fiscal multiplier?
a. No, economists have almost no idea of the value of fiscal multipliers. b. No, they are not known with complete accuracy. c. Yes, economists know the precise value of the multiplier. d. Yes, although there is a very small range of uncertainty in the value.